Plum is a skincare cosmetic brand, a subsidiary of Pureplay Skin Sciences (India) Private Limited which sells Direct-to-Consumer (D2C) along with sister company, Phy– the PETA certified plant-based hair care and skincare cosmetic brand.
Well, most recently Pureplay Skin Sciences Pvt. Ltd. has announced to raise funds worth INR 110 crore in its latest Series B funding round led by Faering Capital– India’s leading private equity firm.
According to Pitchbook’s company profiles database, existing investors of Pureplay Skin Sciences include Trifecta Capital Partners and Unilever Ventures, who also participated in the company’s latest funding round, as mentioned by Pureplay’s Chief Executive Officer and Founder- Shankar Prasad.
How will Pureplay Skin Sciences utilize this latest infusion of funds?
According to our sources, Prasad mentioned in an interview that the company plans to use this latest infusion of funds majorly to scale up their distribution/supply chain network and invest a major chunk in research and development for new products.
“We intend to invest this money into expanding our product range largely in skincare. We will be partnering with technology specialists in formulations, packaging and manufacturing,” said Shankar Prasad in an exclusive interview according to Mint.
He further mentioned that these funds will also be utilized in opening new offline retail stores across the country. A quarter of Plum’s revenue comes from the brand’s existing 6,000 offline outlets in over 200 cities nation-wide. The company also runs around 15 online marketplaces that add up to serve the company’s revenue.
Where does Pureplay Skin Sciences see itself in the next 3 years?
According to founder Prasad, the company aims to achieve over INR 500 crore in revenues in the next 3 years. Is this possible? Well, Yes! As the company claims to have grown three-fold in these past six to eight months despite COVID-19 disruption and the following lockdown.
Furthermore, the company is also planning to expand their horizon by adopting unassisted selling methods and partnering with “market competitors” such as Lifestyle, Shoppers Stop, Metro Cash amongst other, even local supermarket beauty stores and Chemists as well.
“The aim is to ensure our brand is present in 100,000 stores in the next two years,”, mentioned Prasad.
About Pureplay Skin Sciences:
Pureplay Skin Sciences was founded back in 2013 and is a brainchild of Shankar Prasad, the company aims to create a difference in the world of grooming and beauty. Founder and CEO Prasad is an IIT and Indian School of Business alumni who currently leads two subsidiaries: Plum and Phy to be one of India’s fastest-growing beauty, skincare and haircare brands.
